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Capital gains and CS

Hello

I was wondering how to handle this…  normal taxable income is about 55K about the same as last year but due to the settlement I will be subject to capital gains and I know CSA sees this as income when in realities it really is not.  Capital gain is 50 / 50 even though I only got 30% after all the debts were settled.  So when I fill my taxes this year it will have an extra 37.7K on it when this is not my real income. 

What happens now? will I have to pay CS on an income of 92.5K.  The other person is on welfare so her income is nil..  Do I file an Estimate the day I file my taxes.   I don't want the other person to all the sudden see letter that they will be X amount with the amount they should see is my real income the 55K

Any advice on how to best handle this..
I would fight the policy position now and not lodge till last possible date (30 October if lodging yourself).  Hint: don't put your tax file number on your return - its worth quite a delay while they look it up.  Remember, the next CS period starts when your assessment is processed.
newguy said
Hello

I was wondering how to handle this… normal taxable income is about 55K about the same as last year but due to the settlement I will be subject to capital gains and I know CSA sees this as income when in realities it really is not. Capital gain is 50 / 50 even though I only got 30% after all the debts were settled. So when I fill my taxes this year it will have an extra 37.7K on it when this is not my real income.

What happens now? will I have to pay CS on an income of 92.5K. The other person is on welfare so her income is nil.. Do I file an Estimate the day I file my taxes. I don't want the other person to all the sudden see letter that they will be X amount with the amount they should see is my real income the 55K

Any advice on how to best handle this..
 
Can you explain this in more detail? By settlement, are you talking about the sale of a house post legal settlement in court, and not connected to your family law case?
Are you talking about the sale of the house due to a financial settlement reached in court, and is related to your family law case? Need more details.

Executive Member of SRL-Resources, the Family Law People on the site (Look for the Avatars).   Be mindful what you post in the public areas. 
Or entirely illegally, and not recommended, you could just not declare the gain at all and hope you will fall below the ATO risk trigger point.  I any case, such an action would delay any reassessment.  If caught, plea distress due to marriage breakdown etc.

Like I said, not recommended, just an option.
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